podcast

Season 2, Episode 2: There is a war in Europe. What does that mean for your cyber insurance policy?

  • CyberSide Chats
  • Insurance
epiq-advice

Jerich Beason & Whitney McCollum speak on this Cyberside Chat to discuss the recent Merck & Co. cyber insurance win and how this impacts future wars fought with cyber weapons such as the conflict in Ukraine. This case sets a precedent for how legal teams and cyber insurers will draft contracts in the future. What defines war? Could a separatist group or terrorist attack be considered an act of war, or does it require a nation state? Should you worry about your third parties’ diligence on their contracts? If your third party is attacked and you are collateral damage, how are you protected? They discuss how insurance companies are providing less coverage but charging higher premiums all while expecting organizations to prove the maturity of their cybersecurity programs.

 

Jerich Beason & Whitney McCollum speak on this Cyberside Chat to discuss the recent Merck & Co. cyber insurance win and how this impacts future wars fought with cyber weapons such as the conflict in Ukraine. This case sets a precedent for how legal teams and cyber insurers will draft contracts in the future. What defines war? Could a separatist group or terrorist attack be considered an act of war, or does it require a nation state? Should you worry about your third parties’ diligence on their contracts? If your third party is attacked and you are collateral damage, how are you protected? They discuss how insurance companies are providing less coverage but charging higher premiums all while expecting organizations to prove the maturity of their cybersecurity programs.

Articles & Links for reference

https://news.bloomberglaw.com/privacy-and-data-security/mercks-1-4-billion-insurance-win-splits-cyber-from-act-of-war

https://www.bloomberglaw.com/public/desktop/document/MerckCoIncvsAceAmericanInsuranCeDocketNoL00268218NJSuperCtLawDivA?1646370280

https://supreme.justia.com/cases/federal/us/263/487/

Jerich Beason https://www.linkedin.com/in/jerich-beason

Whitney McCollum https://www.linkedin.com/in/whitneymccollum

Note: “The statements of the guest speakers and hosts in this podcast should not be construed as legal advice and they represent their views only and not those of their respective companies.”

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